The recovery of economic activities and the improvement in manufacturing data in China, Europe and the United States, in May, bring a breath of fresh air to the markets, where the barometer today shows good weather. European stocks close positive, while Wall Street moves cautiously but progresses after a limping start. It should also be noted that Washington, for now, has not questioned the Phase One agreements with China on tariffs, perhaps because it is too busy dealing with internal problems and protests related to the death of George Floyd, to further raise the tone with Beijing.
In Europe many squares are closed for the Pentecost holiday, starting from Frankfurt, but Paris + 1,43% Madrid + 1,74% London +1,53%, archived an excellent session.
Also Milano is in great shape, even the best and gains 1,79%, reaching 18.523 points. A Monday that could have been anonymous, squeezed between a Sunday and a holiday (tomorrow, June 2, the stock exchange is open but the banks are closed) turned out to be an interesting and lively day. It was above all to keep the attention high Mediobanca, +8,09%, after the move by Leonardo Del Vecchio, which has asked the ECB to raise Piazzetta Cuccia from 10% to 20%, opening an exciting game that has important and direct consequences also on Generali +3,24%, of which Mediobanca holds 13%. It collapses instead Catholic, -16,75%, following the request from IVASS, the insurance supervisory institute, to carry out a capital increase of 500 million euros by the beginning of the autumn after noting a weakening of the group's solvency.
Industrial stocks recover positions on the main index, Cnh + 6,49% Leonardo + 5,57% fca +3,51%; oil stocks, Tenaris + 4,51% Saipem +3,04%; Atlantia +3,91%, which looks at reopening on June 3th and the resumption of highway traffic. Banks are featured with Bpm bank +6,52% and Unicredit +3,13%. It's tonic too Bper +2,47%, which could say goodbye to the Ftse Mib on June 22nd. The titles Inwit (-0,82%) And Interpump (+0,74%) are in fact probable candidates to join the big names with the revision of the basket which will be announced on Wednesday evening and which will be effective after the close of trading on 19 June, therefore on Monday 22. According to the calculations made by some broker, the two stocks should take the place of Salvatore Ferragamo (-0,32%) and Popolare dell'Emilia Romagna. Since the last revision of 4 March, Bper has lost 33% on the stock exchange, bringing the capitalisation, one of the criteria used for the selection of the 40 stocks in the basket, to 1,1 billion.
Salvatore Ferragamo lost 10% in the same period and the stock market value slipped to 2 billion euros.
On the other hand, despite the sharp decline in the markets at the beginning of spring, both Inuit and Interpump have prices in line with those at the beginning of March with respective capitalizations of 5,5 and 2,9 billion euro.
Going back to today's session, health stocks, always in evidence in the hottest period of Covid, lose share on the main stock exchange of Piazza Affari. Diasorin -3,71% Amplifon -1,28% Recorded -0,66%.
The session is positive for bonds, awaiting the key event of the week, namely the ECB meeting on Thursday which could boost its bazooka of pandemic purchases. The spread between ten-year Italian and German it drops to 191 points (-1,35%); the rate of the BTP is 1,46%
On the macroeconomic front, the Chinese Ciani index, which records the impressions of managers in the company, rose sharply in May and recorded the highest growth rate for over nine years, rising to 57,7 (above 50 points indicates an economic expansion ) from 49,4 in April. The recovery is also important in the Eurozone, after the shock in April when all-time lows were reached. The indicators are still below the sufficient level, but clearly recovering. In Italy, the manufacturing PMI rose from 31,1 to 45,4 points. In Germany from 34,5 to 36,6 points, in France from 31,5 to 40,6 points. Finally, in the US, the manufacturing PMI for May rose, but less than the estimates from 41,5 to 43,1 points.
THEeuro it remains in progress against the dollar, with the exchange rate at 1,11.
THEgold trades up around 1754 dollars an ounce. The Petroleum is down, pending the OPEC+ meeting, Brent is down 0,6%% and trades at 37,61 dollars a barrel.
